The Pennsylvania Public School Employees' Retirement System, Harrisburg, returned 17.93% on its investments for the year ended March 31, according to a news release from the $57 billion system. The returns were largely driven by PennPSERS' international and domestic equity portfolios, which returned 31.49% and 14.77%, respectively, during the 12-month period, as well as its real estate portfolio, with 37.79%, and alternative investments, 21.86%. PennPSERS had 41.2% of its assets in U.S. equities, 23.6% international equities, 17.1% fixed income; 8.3% in fixed income, 6% in real estate and 3.8% cash and cash equivalents at the end of March.
Separately, the Iowa Public Employees' Retirement System, Des Moines, outperformed its customized benchmarks with returns of 11.22% for nine months, 14.16% for 12 months, and 9.71% for 10 years, all ended March 31, according to a report from the $20.49 billion fund. Those compare to the fund's benchmark returns of 10.21%, 13.17% and 8.96%, respectively.
The system's three-year return of 15.58% and five-year return of 7.47% underperformed the benchmarks, which were 15.89% and 7.96%, respectively, for the same periods.